Gold, silver recover on low level buying

Both the precious metals, gold and silver, recovered in Mumbai on Wednesday on emergence of buying at existing lower levels for the ongoing marriage season.

Gold snapped its two-day losing trend, recovered by Rs 10 to Rs 30,800 per 10 grams. It had lost Rs 260 in last two trading sessions.

Silver also rebounded by Rs 150 to Rs 58,000 per kg on increased offtake by industrial units, after losing Rs 1015 on Tuesday.

Traders said emergence of buying at existing lower levels to meet the ongoing marriage season demand mainly led to recovery in gold prices.

They said increased offtake by industrial

units helped silver to rebound from yesterday's loss.

On the domestic front, gold of 99.9 and 99.5 per cent purity recovered by Rs 10 each to Rs 30,800 and Rs 30,600 per 10 grams, respectively. Sovereigns held steady at Rs 25,350 per piece of eight grams.

Silver ready rebounded by Rs 150 to Rs 58,000 per kg and weekly-based delivery by Rs 200 to Rs 57,700 per kg.

On the other hand, silver coins maintained its steady trend at Rs 81,000 for buying and Rs 82,000 for selling of 100 pieces.